[kelnos]

That "wealth created by the community" is often really "there is high housing demand, but the community of housing owners refuse to allow reasonable increases in density, which has the effect of increasing their home values".

When the people who "generate wealth" are doing so by dictating prices, that seems a bit sketchy to me.

The ironic thing is that housing scarcity often ends up making a place much less desirable -- even for the entrenched homeowners who cause the scarcity problem.